Chevron reported Q3 2024 earnings of $4.5 billion ($2.48 per share), down from $6.5 billion ($3.48 per share) in Q3 2023, primarily due to lower refined product margins and the absence of prior year favorable tax items. Cash flow from operations remained steady at $9.7 billion. The company returned a record $7.7 billion to shareholders, including $4.7 billion in share repurchases and $2.9 billion in dividends.Worldwide net oil-equivalent production increased 7% year-over-year, with U.S. and Permian Basin production setting new quarterly records. The company started up key projects in the U.S. Gulf of Mexico, including Anchor, Jack/St. Malo, and Tahiti fields, targeting production growth to 300,000 barrels per day by 2026.Chevron announced strategic portfolio optimization initiatives, including a $6.5 billion sale of Canadian assets expected to close in Q4 2024, as part of its $10-15 billion divestment plan through 2028. The company is targeting $2-3 billion in structural cost reductions from 2024 by end of 2026 and cleared FTC antitrust review for its pending Hess Corporation merger.

Chevron reported Q3 2024 earnings of $4.5 billion ($2.48 per share), down from $6.5 billion ($3.48 per share) in Q3 2023, primarily due to lower refined product margins and the absence of prior year favorable tax items. Cash flow from operations remained steady at $9.7 billion. The company returned a record $7.7 billion to shareholders, including $4.7 billion in share repurchases and $2.9 billion in dividends.Worldwide net oil-equivalent production increased 7% year-over-year, with U.S. and Permian Basin production setting new quarterly records. The company started up key projects in the U.S. Gulf of Mexico, including Anchor, Jack/St. Malo, and Tahiti fields, targeting production growth to 300,000 barrels per day by 2026.Chevron announced strategic portfolio optimization initiatives, including a $6.5 billion sale of Canadian assets expected to close in Q4 2024, as part of its $10-15 billion divestment plan through 2028. The company is targeting $2-3 billion in structural cost reductions from 2024 by end of 2026 and cleared FTC antitrust review for its pending Hess Corporation merger.